Shell share price was trading higher earlier on Friday after the oil company posted better-than-expected full-year earnings on Thursday. At the time of writing, the stock was trading 1.56% higher at 2374p. Shell has a total market cap of £164.61 billion.
Shell share price was in the spotlight on Thursday after the oil and gas giant posted its full-year earnings for 2022. Europe’s largest oil company by revenue posted a record profit of almost $40 billion in the last year after a jump in oil and gas prices following Russia’s invasion of Ukraine.
Shell reported adjusted full-year earnings of $39.9 billion, which was more than double the $19.3 billion it posted in 2021. Shell’s profits were fueled by strong performance in its gas trading business which conduced to just over 40% of its full-year earnings.
Shell’s earnings are the latest in a series of record-setting results by the world’s oil and gas giants, which have enjoyed bumper profits against the backdrop of surging oil and gas prices. Sanctions against Russian oil by OPEC+ have made oil and gas hot commodities.
Other top energy companies such as BP, Total Energies, and Marathon Oil are also expected to report a jump in profits. Chevron, the second-largest oil company in the US, raked in its largest profit ever, while ExxonMobil posted strong annual profits for 2022.
Shell Share Price Forecast
Shell share price has been moving sideways for the past few days, as seen on the daily chart below. The stock is hovering slightly above the 25-day and 50-day moving averages, while its Relative Strength Index (RSI) has ticked higher into the neutral zone. Therefore, a move past the resistance level at 2455p will have bulls eyeing November’s high at 2558p. On the other hand, a flip below the support level at 2261.5p will invalidate the bullish thesis.